In Q1 2024, the pace of activity in the main advanced economies converged after several quarters with a pronounced differential between the economic situation in the United States on the one hand and the European economies on the other. The US economy has slowed (+0.4% of GDP growth in Q1 2024 after +0.8% at the end of 2023), partly due to the extractive sector being penalised by unfavourable weather conditions. Conversely, the United Kingdom and the Eurozone have returned to growth (+0.7% and +0.3% respectively) after several quarters of decline or stagnation. A degree of convergence has also emerged within the Eurozone: while Spain is still the exception, continuing its catch-up (+0.8%), the other three main Eurozone economies grew at a similar pace. The German economy grew by +0.2% after contracting sharply at the end of 2023 (-0.5%), while activity continued to grow moderately in France and Italy (+0.2% and +0.3% respectively, after +0.3% and +0.1%). Meanwhile, world trade improved moderately (+0.4%)...